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The African Democratic Congress, ADC, has faulted President Bola Tinubu’s claims of record-breaking revenue growth, describing them as misleading and disconnected from the realities Nigerians face.
In a statement issued on Thursday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said the government’s narrative of achieving N20.59 trillion in revenue between January and August 2025 does not align with the N41.81 trillion projected in the 2025 budget.
According to the ADC, the figures being celebrated by the Federal Government are “unrealistic” and “propaganda,” since only 52.68% of statutory revenue and 15% of VAT accrue to the Federal Government.
The party also criticised Tinubu’s comments on the naira exchange rate, saying his claim that the dollar traded at N1,900 when he assumed office was “patently false.” It said the official rate on May 29, 2023, was about N460.72, while the parallel market rate was between N700 and N800.
On borrowing, the ADC accused the government of being dishonest, noting that the Debt Management Office recently raised N136.16 billion through bond auctions, while the National Assembly approved a $21 billion loan in July, pushing the national debt to $120 billion.
The party further condemned the recently introduced 5% petrol tax and the 300% hike in the cost of obtaining a Nigerian passport, describing both measures as “cruel and insensitive”.
“The Tinubu administration is taxing the very survival of the people, monetising hardship, and celebrating suffering as success,” the statement read.
The ADC maintained that instead of alleviating poverty, government policies have worsened the plight of Nigerians, leaving the country as the “poverty capital of the world”.
